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CrowdStrike Stock Has Tumbled. One Director Scooped Up Shares. -- Barrons.com

Barron's · 01/06/2023 15:48
By Ed Lin

CrowdStrike Holdings stock tumbled in 2022, and one director scooped up shares of the provider of security software in the last week of that year.

CrowdStrike (ticker: CRWD) lost about half of its market value last year. It and other software companies are seeing customers cut spending as economic uncertainty looms. At the end of November, the company provided a disappointing fiscal-fourth-quarter outlook, sending its shares sliding. Just three months before, CrowdStrike had raised guidance, which might indicate how difficult it is for tech companies to navigate the current climate.

Director Roxanne Austin paid $2.5 million on Dec. 27 and Dec. 28 for 25,000 CrowdStrike shares, an average price of $99.74. According to a form she filed with the Securities and Exchange Commission, Austin now owns 65,419 shares.

Austin, a CrowdStrike director since September 2018, is president and CEO of Austin Investment Advisors, a private investment and consulting firm, and a former president and chief operating officer of DirecTV.

CrowdStrike didn't immediately respond to a request to make Austin available for comment. The purchases of CrowdStrike stock are her first on the open market since she joined its board. The other shares she owns were gleaned from restricted stock units granted for her service as a director.

In a Dec. 14 research report, Wedbush Securities analyst Taz Koujalgi initiated coverage of CrowdStrike stock at Outperform with a price target of $135.

Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.

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January 06, 2023 15:48 ET (20:48 GMT)

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